Canadian Gold Corp. Private Placement Offering for New Hammond Reef South Program to Follow up 2024 Surface Samples That Returned 35.4 g/t Gold

Flin Flon, Manitoba--(Newsfile Corp. - June 19, 2025) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce plans for a follow-up program on the discovery of the new high-grade zone (announced August 6, 2024), that returned 35.4 g/t and 7.1 g/t gold from surface samples at the Company's 100%-held Hammond Reef South property, located near Atikokan, Ontario. The Company's properties are adjacent to Agnico Eagle's fully permitted Hammond Reef Project, which contains a mineral resource of more than 5 million ounces of gold and occurs in the same geological environment (Fig. 1).

Hammond Reef South was acquired in 2023 as part of the Company's strategy to acquire prospective mineral rights around Canada's largest mines and development projects. The Company's 2024 programs at Hammond Reef South outlined a mineralization stock work vein system having a minimum strike length of 80 metres with widths of up to 20 metres (Fig. 2). A channel sample across the vein system returned 3.3 g/t gold over 1.05 metres, including 6.42 g/t gold over 0.45 metres. New sampling 80 metres north of the original discovery, and before going under a swamp, returned 11.6 g/t gold from surface sampling (announced September 25, 2024). The proximity of this vein system appears to fall within a potential mineral system over a 6.7 km gold trend that passes through the property (Fig. 3).

The planned 2025 program will include follow-up surface work along strike to better evaluate the lateral extent and width of the gold system, building on last year's strong results. In addition, the Company is planning a follow-up geophysical program to target areas of higher sulphide content, which has shown a strong correlation with gold mineralization. Together, the surface and geophysical work aim to expand the known mineralized footprint and refine high-priority targets for drilling.

To fund the program at Hammond Reef South, the Company intends to complete a private placement offering of up to 859,375 flow-through common shares at a price of $0.32 per share, for gross proceeds of up to $275,000.

The offering is subject to receipt of approval by the TSX Venture Exchange and any other regulators having jurisdiction. It is intended that the flow-through shares will qualify as 'flow-through shares' within the meaning of the Income Tax Act (Canada) and will be offered to all qualified purchasers resident in any Canadian province in reliance upon exemptions from the prospectus and registration requirements under any applicable securities legislation. The securities issued upon the closing of the offering will be subject to a four month hold period from the date of issuance, including any other resale restrictions imposed by applicable securities regulatory authorities. Insiders of Canadian Gold may, subject to applicable regulations, participate in the offering.